Canada inflation rate hits 56-year-low

Canada's annual inflation rate hit a 56-year-low in July, when prices fell by 0.9 percent from a year earlier on sharply lower energy prices, Statistics Canada said on Wednesday.

Analysts had on average expected an annual decline of 0.8 percent. July's figure -- the lowest since the 1.4 percent drop recorded in July 1953 -- is far weaker than the Bank of Canada's target range of around 2 percent annual inflation.

Statscan said the July figure reflected a 23.4 percent fall in energy prices from July 2008 to July 2009. The annual inflation rate excluding energy rose 1.8 percent in the 12 months to July 2009.

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